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					                                        CHAPTER 104

AN ACT concerning the sale of check cashing businesses and supplementing P.L.1993, c.383
  (C.17:15A-30 et seq.).

   B E IT ENACTED by the Senate and General Assembly of the State of New Jersey:

C.17:15A-32.1 Sale of check cashing business.
    1. a. A person who is conducting business as a check casher pursuant to P.L.1993, c.383
(C.17:15A-30 et seq.), whose license was continued pursuant to section 21 of P.L.1993, c.383
(C.17:15A-50), and who is not the subject of any action by the commissioner pursuant to section
19 or 20 of P.L.1993, c.383 (C.17:15A-48 or 17:15A-49), shall be permitted to sell the assets
of the business of cashing checks.
    b. A person purchasing the assets of the business of cashing checks from a person permitted
to sell those assets pursuant to subsection a. of this section shall be required to:
    (1) qualify for a license pursuant to the provisions of P.L.1993, c.383 (C.17:15A-30 et seq.),
except that the person shall not be required to comply with the provisions of subsection e. of
section 12 and subsection f. of section 18 of P.L.1993, c.383 (C.17:15A-41 and 17:15A-47) ;
and
    (2) conduct the business of cashing checks from the location the address of which is listed
on the license of the person from whom the assets of the business of cashing checks are being
purchased .
    c. A business of cashing checks which is sold and purchased pursuant to subsections a. and
b. of this section may be sold and purchased subsequently as long as each time the business is
sold the seller is not the subject of any action by the commissioner pursuant to section 19 or 20
of P.L.1993, c.383 (C.17:15A-48 or 17:15A-49) and the person purchasing the business of check
cashing :
    (1) qualifies for a license pursuant to the provisions of P.L.1993, c. 383 (C.17:15A-30 et
seq.), except that the purchaser shall not be required to comply with the provisions of subsection
e. of section 12 and subsection f. of section 18 of P.L.1993, c.383 (C.17:15A-41 and 17:15A-
42); and
    (2) conducts the business of cashing checks from the location the address of which is listed
on the license of the person from whom the business of cashing checks is purchased.

   2.   This act shall take effect immediately.

   Approved September 14, 1998.

				
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